BITCOIN IS TERRIBLE FOR THE PLANET…SO WHAT NOW?
Cryptocurrency mining uses enormous amounts of power and can be as destructive as real-world mining. As the cost of investing in bitcoin has soared, so too has the potential profit in cryptocurrency mining, the process by which bitcoin is both created and accounted for.
The math is easy (roughly 6.25 bitcoins per block = $300,000), and while the bank balance is seen, the environmental impact isn't - the amount of electricity needed to mine is massive. Some mining operations can have millions in power bills. 70% is taking part in China at the moment, but that number will decrease as more people get into mining. In contrast, for all the media furore, the US makes up around 7% of mining and drives up the cost of electricity in cities.
The future for crypto is uncertain at best, but the media coverage seems to be turning a corner with understanding, nuance and interest. However, the environmental costs are now being focused upon when the environment needs a breather, not more pressure. There will be no way for most states and cities to meet emissions-reductions goals more mining outfits spring up. Not a good look politically or socially. Watch COP 26 (Nov) closely moves this year for political moves and gestures that might include nods to mining operations. Politicians could bury bitcoin and pals if they wanted to. The question is, will they?
__ DO __ Imagine a future where whole cities could ban mining. Entire countries could too. From a political standpoint, there are easier hills to die on, but it's possible. // __ DON'T __ Expect massive change quickly, previous bans have been reversed, and increasing understanding of the area is putting dollar signs in the eyes of the rich. The future of bitcoin mining will play out in the pages of newspapers as much as in the warehouses filled with servers.
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